News

New CFPB Report on Consumer Mortgage Shopping and Owning a Home Toolkit

The report, “Consumers’ mortgage shopping experience,” shows that informed consumers are more likely to shop, especially if they’re familiar with mortgage rates. With this in mind, the CFPB has created an Owning a Home Toolkit as part of its Know Before You Owe initiative.

Settlement Disclosure Forms

In reviewing draft settlement disclosure forms released by the Consumer Financial Protection Bureau, two leading software providers estimated it would take 12 to 14 months of development time and cost each software provider $1.5 to $2 million to develop the new form. You can view the new statement here: TEST SETTLEMENT STATEMENT Source: Title News […]

Fidelity National Financial purchases SoftPro

Fidelity National Financial (FNF) announced it has purchased SoftPro, a leading provider of closing and title automation software, from Lender Processing Services (LPS).  (Note: Quality Title uses the SoftPro system.) The deal was finalized Jan. 12. Terms were not disclosed. “Fidelity National Financial’s core competency matches up with our products and services, so from a […]

Bank of America temporarily halts cash-out refinance originations

(January 25, 2012) BOA, citing a “surge of refinancing activity” and capacity problems has acted told retail loan officers they will temporarily halt cash-out refinance originations.  “While we regret the inconvenience this will cause to some of our customers in the short term, we are making the responsible choice that is in the best interest […]

Freddie Mac issues new short sale guidelines

Freddie Mac recently issued Bulletin 2011-23, dated November 18, 2011, which updates and revises Freddie Mac’s Single-Family Seller/Servicer Guide (the “Guide”) with respect to affidavits that Freddie Mac requires in connection with a short sale. Guide Bulletin 2011-23 Offers Servicers Greater Servicing Efficiencies

Housing continues to show improvement

The number of improving housing markets continued to expand for a third consecutive month in November, rising from 23 to 30 on the latest National Association of Home Builders (NAHB)/First American Improving Markets Index. Read on for the latest list and some analysis from NAHB.